Positioning is admittedly an advertising buzzword, but it’s legitimately one of the most important marketing concepts you’ll ever consider in your entrepreneurial career. One of the definitions of positioning is controlling how your customers and prospective customers think and feel about your business in comparison to other, similar businesses competing for their attention.
Positioning strategy #1: Name. Name your business so that the name telegraphs what your business does. For example, not just Michael’s but Michael’s Arts and Crafts. Positioning strategy #2: Price. You should be selling in a self-created competitive vacuum, where price is evaluated by the prospect only against value, only based on your presentation, not […]
“The success of most businesses over time is derived about 50% from the ability to consistently acquire a sufficient quantity of valuable customers, and 50% from the ability to keep those customers interested – thus the need to frequently re-purpose, re-imagine, create, present something new; the next big, new, interesting idea, story, person, thing.” Dan Kennedy
If you want to excel in an industry saturated with me-toos, you’re going to have to brand yourself and differentiate yourself.
The first step in building a brand is to have a Unique Selling Proposition or a USP. USP-less businesses offer nothing distinct, nothing unique, no special benefits, no logical reason why someone should buy from them other than hope or circumstance wrapped around a cheap price. Your USP is the anchor to your brand. What […]
The value that motivates a William-Sonoma buyer to buy a $19 apple is not in the apple at all.
It may be the impact of it given as gift or served at a party. It may be in the feeling of success or prosperity or of rewarding oneself with indulgence that come with making the purchase. It may be a sense of superiority, of buying or serving the best or something unique and unusual. […]
I tell entrepreneurs they will rarely, if ever, find the basis for a breakthrough in their business or inside their own industry or profession. Breakthroughs come from outside.
You’ll never hear me talk in terms of starting with a blank slate. And catching me starting anything with a blank page is a rare event. For purely artistic expression, raw, out of the ether creativity may be an essential ingredient. But for commercial purposes, it is vastly overrated. Even if you look at the […]
In some cases, you will have to negotiate your price in order to reach an agreement but follow the rule of reciprocal concessions.
Get tough by explaining, “When I cut price, I also have to cut somewhere else.” You can cut price, but you also have to withdraw the warranty. You can cut price, but their order goes to the end of the shipping queue. You can cut price, but you have to charge per call for technical […]
What you can do is you can find out what the meeting planner’s budget range is. When you’re on the phone with the meeting planner, you will say something to the effect of, “Well, Ms. Meeting Planner, we have a number of different packages that will really fit into any budget. We have packages that […]